Due to economic downfall, all over the world, it is not quite a surprise that companies will be cutting jobs. This would be a common move for companies in order to reduce the effect of problems in the economy. Even big companies today like HP plans a massive cuts on their employees.

HP

It plans to cut 29,000 jobs as it tries to bring back growth in the performance of the company. For the record, the HP employs around 300,000 people all over the world. Due to the restructuring of the company, this number would surely fall down. The company would most likely cut around 11,500 jobs by the end of the current fiscal year. Another known company that is cutting number of employees is Philips Electronics.

Philips

The company had said that it would cut down 2,000 jobs as it battles a tough economic backdrop. Even though the company is considered to be among the biggest companies in the world, still they are affected by economic problems and these moves are important in order for them to sustain their respective company.